End of an Impressive Nine-Day Streak
The impressive run lasted for nine trading days beginning on August 17, during which U.S. spot bitcoin exchange-traded funds (ETFs) experienced daily inflows, reaching approximately $3.04 billion before halting. On August 28, this trend was broken as the funds saw a net outflow of $202 million.
This remarkable nine-day period had driven total bitcoin ETF assets past a significant milestone that few anticipated so swiftly. According to Bitcoin.com News, the total crossed the $100 billion mark in net assets on August 27. Notably, Blackrock’s Ishares Bitcoin Trust (IBIT) contributed $277.6 million in a single day, while Fidelity’s FBTC experienced an outflow of $83.6 million and Grayscale’s GBTC saw a decrease of $27.2 million.
However, bitcoin ETFs have experienced significant volatility this year. In May, these funds faced a record nine-day outflow period, losing approximately $2.8 billion as bitcoin’s price dropped from around $80,000 to $73,000.
Ether Funds Continue Their Momentum
In contrast, spot ether ETFs showed a different trend. Instead of following suit with bitcoin, these funds added $102 million, extending their buying trend to ten consecutive days. Earlier in August, ether funds recorded $2.6 billion in inflows during their best week since October, significantly boosted by Blackrock’s ETHA, which tripled the typical trading volume.
While ether’s price has largely mirrored bitcoin’s, the ETF activities for ether have taken a distinct trajectory.
Current Status of Bitcoin’s Price
The outflow occurs at a pivotal moment for bitcoin, which began trading on August 28 at $80,261.86 but has since dropped to around $77,500. Over the past week, bitcoin’s price has increased by just 1%, suggesting that this single day of ETF selling reflects profit-taking rather than a market panic, especially with approximately $6.4 billion in Deribit options expiring that same Friday.
Nevertheless, one down day doesn’t negate a $3 billion increase, and ETF analysts will be eager to review the next session’s data to determine if this was merely a temporary dip or the beginning of a more extended trend. For now, ether funds enter the week still riding high on their ten-day success.